The show, which has a working title of Fashion Star, will see twelve unknown designers competing each week to promote and expand their brand.
It will be produced by Ben Silverman's company Electus. He previously served as the co-chairman of NBC Entertainment and Universal Media and is the executive producer of shows including The Biggest Loser and The Office.
"We are excited to team up with NBC to discover and develop the next major fashion brand for retailers around the country and deliver the next breakout television show for an audience that is increasingly obsessed with fashion," he said in a statement.
"The stakes are higher than any other competitive reality show, as Fashion Star pulls back the curtain on what it really takes to launch a major national brand."
The judging panel on Fashion Star will consist of known designers and buyers from some of America's biggest retail stores, with the prize being a multi-million contract that will aid them in launching their brand in the US. Viewers will also be given the opportunity to purchase the winning designs each week.
MacPherson currently hosts Britain's Next Top Model.